Statutory information. The Company is a private company limited by shares and domiciled in England and Wales. The registered office is Three Sisters Race Circuit, Three Sisters Road, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DD. Leasing and hire purchase contracts. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits remain with the lessor are charged to the profit and loss account on a straight line basis. Stock. Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock and work-in-progress to its present location and condition. A ‘first-in-first-out’ basis is used. Going Concern. The directors consider the company will continue to trade as a going concern as they believe the shareholders will continue to support the company to enable it to meet its liabilities as they fall due. Taxation. Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted by the end of the reporting period. Deferred tax is recognised in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded as recoverable. Deferred tax is measured using the rate of tax that is expected to apply in the periods in which the timing differences are expected to reverse.